The demand for palm oil in South Korea has shown an upward trajectory over the past decade, growing from 439 thousand metric tons in 2014 to 629 thousand metric tons by 2023. The year-on-year variation reveals fluctuating growth rates, with a significant surge of 20.68% in 2018 but a decline of -3.33% in 2019. Despite these fluctuations, recent years indicate a stabilized growth rate, with a year-on-year increase of 1.94% in 2023 and a 5-year CAGR of 0.91%, showcasing moderate growth.
Over the forecast period from 2024 to 2028, demand is expected to continue rising, reaching 683 thousand metric tons by 2028. The forecasted 5-year CAGR is projected at 1.31%, indicating a steadier, albeit modest, increase. Future trends to watch for include potential impacts of sustainability efforts, health concerns, and evolving consumer preferences, which could influence the demand trajectory.
